LIVESTOCK PRODUCTION POLICIES AND MEAT PROCESSING MARGINS: THE CASE OF NEW ZEALAND, 1967-1988*

The New Zealand export meat industry has been through a considerable number of changes in the 1980s. The deregulation of export slaughter facilities, Supplementary Minimum Prices, Producer Board intervention, declining livestock numbers and domestic cost pressures have all affected the performance of the domestically based processing sector. Major changes in market access and demand have influenced off-shore marketing operations, particularly for sheepmeats. Additionally, there has been a change in the type of meat exported with a greater proportion of further processed product shipped in recent years. As an example of the impact of these developments on livestock producers, the producer share of the United Kingdom wholesale market return for a representative prime lamb carcase has fallen from 40 per cent in 1978 to 25 per cent in 1988. In this article the pattern of intervention in the New Zealand pastoral meat industries from the mid-1960s is detailed, emphasising the different environments of the beef and sheepmeat enterprises. Then the principal factors influencing domestic processing margins for these products are empirically examined. Alternative model specifications and alternative estimation techniques are compared and contrasted. The results of these analyses are discussed in terms of the historical patterns of assistance and structural change, and in terms of current rationalisation pressures on the meat processing sector.     

Learning times: A key factor in managerial personnel decisions

How often should a man be inducted, socialized, trained, developed, and then promoted or transferred from one department to another? The answer should depend to some extent on the average learning time for the manager's new job, and the company's feeling about a “break-even” or “pay-back” period when the employee works to “pay back” the organization for providing him with the job learning opportunity.     

Strategy and your stronger hand

There are two kinds of businesses in the world, says the author. Knowing what they are--and which one your company is--will guide you to the right strategic moves. One kind includes businesses that compete on a complex-systems model. These companies have large enterprises as their primary customers. They seek to grow a customer base in the thousands, with no more than a handful of transactions per customer per year (indeed, in some years there may be none), and the average price per transaction ranges from six to seven figures. In this model, 1,000 enterprises each paying dollar 1 million per year would generate dollar 1 billion in annual revenue. The other kind of business competes on a volume-operations model. Here, vendors seek to acquire millions of customers, with tens or even hundreds of transactions per customer per year, at an average price of relatively few dollars per transaction. Under this model, it would take 10 million customers each spending dollar 8 per month to generate nearly dollar 1 billion in revenue. An examination of both models shows that they could not be further apart in their approach to every step along the classic value chain. The problem, though, is that companies in one camp often attempt to create new value by venturing into the other. In doing so, they fail to realize how their managerial habits have been shaped by the model they've grown up with. By analogy, they have a "handedness"--the equivalent of a person's right- or left-hand dominance--that makes them as adroit in one mode as they are awkward in the other. Unless you are in an industry whose structure forces you to attempt ambidexterity (in which case, special efforts are required to manage the inevitable dropped balls), you'll be far more successful making moves that favor your stronger hand.     

On the expected length of the least squares coefficient vector

As a motivation for biased estimation procedures, it is often stated that the vector of the least squares estimator is too long on average. Some authors have given an invalid proof of this statement. In this note a proof is given and comments added to indicate how large is this average length.     

The case against subliminal manipulation

Claims persist that subliminal messages can have significant effects on motives and behavior. Among the more dramatic declarations are claims that: (1) subliminal auditory messages can induce weight loss, smoking cessation, etc., (2) reversed speech messages in popular music can corrupt youthful listeners, (3) psychotherapy can be facilitated by the subliminal stimulation of unconscious wishes, and (4) advertisers can exploit consumers by means of subliminal directives. A review of the pertinent research purporting to demonstrate these claims was conducted. It is concluded that there continues to be no evidence that subliminal messages can influence motivation or complex behavior.     

Empirical evidence on the impact of external monitoring on book–tax differences

This study investigates whether institutional ownership levels are associated with levels of and time-series variability in book–tax differences (BTDs). Firm and year fixed-effects regression results suggest that institutional ownership is negatively associated with total, permanent, and temporary BTDs. This effect is driven primarily by permanent BTDs in the pre-SOX era but is consistently present for both permanent and temporary BTDs post-SOX. Further, this negative association is present regardless of firms' classification as “tax planners” and/or “earnings managers.” Finally, the results provide some evidence that stronger monitoring by the board and audit committee (i.e., a smaller and more independent board and a larger audit committee) is associated with lower permanent BTDs but is not consistently related with total or temporary BTDs. Overall, these findings are consistent with higher levels of institutional ownership equating to more effective monitoring of management, resulting in lower BTDs (in terms of both levels and time-series variability).     

Performing tourism: exploring the productive consumption of tourism in enclavic spaces

In this paper the interactive nature of touristic encounters in enclavic spaces is explored. Drawing on concepts of tourism as performative practice, it examines tourist experience as a form of productive consumption in which holidays are shaped by interactions with both those working in tourism and other tourists. The discussion draws on data gathered in semi‐structured interviews carried out with 39 solo female tourists from the UK. The findings of this study suggest that the sexualised performances of tourism employees and of different groups of tourists in the physical, temporal and social contexts of the holiday have the power to render such spaces inclusive or exclusionary. Copyright © 2008 John Wiley and Sons, Ltd.